Contents

The Effectiveness of Capital Controls and Macroprudential Measures

Lee, Junyong / Lee, Kyounghun / Oh, Frederick Dongchuhl

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Abstract

We review the literature on the effectiveness of capital controls and macroprudential measures. First, we explain the purposes and examples of capital controls and macroprudential policies. We then analyze various theoretical models and empirical findings from prior studies that investigate the effectiveness of each instrument. Moreover, we review several studies that directly compare the two instruments and discuss whether policymakers should implement capital controls or macroprudential measures to overcome financial crises. Finally, based on a discussion of the findings of previous studies, we suggest several possible avenues for future research.

Issue Date
2023-11-30
Publisher
Korea Development Institute
DOI
https://doi.org/10.23895/kdijep.2023.45.4.1
Journal Title
KDI Journal of Economic Policy
Start Page
1
End Page
22
Language
eng
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